Mastercard partners with illicocash to launch virtual cards in Democratic Republic of the Congo

January 3, 2024 | Kinshasa, Democratic Republic of the Congo

Kinshasa, DRC; 3 January 2024: Mastercard has initiated a strategic partnership with illicocash, the fintech arm of Rawbank, to introduce a virtual card program in the Democratic Republic of the Congo (DRC). The program supports financial inclusion by providing a new and effortless way for consumers and businesses to perform e-commerce transactions.

The virtual cards can be ordered quickly and are usable on all domestic and international websites, allowing consumers to access a whole new world of experiences in shopping, entertainment and more. The digital-first program also enables start-ups and small businesses to easily make purchases online and manage travel expenses for their staff without the need for physical cards.

“illicocash is a pioneer in digitizing payments in DRC and accelerating the country’s shift away from cash. The new virtual card program, launched in collaboration with Mastercard, is a crucial addition to our portfolio of digital services that addresses the needs of the unbanked and underbanked,” said Karim Nouri, GM, illicocash.

“At Mastercard, we are committed to working with local fintech companies to drive innovation in Africa’s payments sector and advance financial inclusion. Our partnership with illicocash is an integral part of our efforts to bring one billion people and 50 million micro, small and medium enterprises (MSMEs) worldwide into the digital economy by 2025,” said Jean-Charles Yallet, FSSA Country Lead, MENA West, Mastercard.

About Mastercard (NYSE: MA)

Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.

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